Eolia, KY 40862 housing market

What this means

• Valuation. Prices are 17% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 11.9% over the past year (U.S.: +1.2%), 35% below their 2022-23 peak.
• Supply. There are 0% more homes for sale than the 2017-19 norm, so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (88/100; U.S.: 54) (as of Dec 2020): homes sell for about 16.6% below their final list price (as of Feb 2021); 0% of listings had a price cut (U.S.: 26%) (as of Dec 2020).
• Affordability. A mortgage on the typical home takes 18% of the median household income (U.S.: 35%); it takes about $25k a year to keep the payment at 30% of gross pay. That includes about $1,261 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $337 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding. Flood isn't covered by standard homeowners insurance.
• Outlook. Leaning up: likely +4% to +21% over the next 12 months (97% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: +4.4% to +20.8% (80% range; middle estimate +13.7%), chance of a rise 97%, of a 5%+ drop 0%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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